Silver Tiger Releases PEA and Updated PFS for El Tigre Project

• Underground PEA reports US$304M after-tax NPV (5% discount), 42.8% IRR, and 2.6-year payback period
• Stockwork Zone PFS updated to US$456M after-tax NPV (5% discount), 65.7% IRR, and 1.4-year payback period
• Combined undiscounted after-tax cash flow of US$1.12 billion over life of mine
• Mineral resource estimate shows 113% grade increase for out-of-pit resources and 25% increase in in-pit contained ounces compared to 2024 estimate
• Studies use base case prices of US$38/oz silver and US$3,200/oz gold

Silver Tiger Metals Inc. (TSXV:SLVR, OTCQX:SLVTF) is a Canadian-based precious metals exploration and development company developing the El Tigre silver-gold project in Sonora, Mexico. The company holds 100% ownership of a 28,000-hectare land package along a 25-kilometre strike length in the Sierra Madre silver and gold belt.

Underground PEA Reports US$304M After-Tax NPV with 42.8% IRR

The underground Preliminary Economic Assessment covers the El Tigre, Sulphide, Black Shale and Seitz Kelly vein zones. The study outlines longhole mining methods with cemented paste backfill at a processing rate of 800 tonnes per day. The mine plan includes 15 years of underground production followed by three years of processing historical tailings, with total production of 38 million payable silver equivalent ounces comprising 34 million silver ounces and 130,000 gold ounces.

Initial capital costs are estimated at US$83.5 million, including US$10.9 million in contingency, with sustaining capital of US$213 million over the mine life. Operating costs are calculated at US$16.05/oz silver equivalent with all-in sustaining costs of US$23.98/oz. The resource feeding the mine plan totals 5.0 million tonnes at average grades of 251.3 grams per tonne silver and 0.91 grams per tonne gold. Approximately 85% of the mine plan resource is classified as measured and indicated. The underground mine design can be constructed independently of the Stockwork Zone development.

President and CEO Glenn Jessome stated,

"At current spot silver and gold prices, the underground project generates an after-tax NPV of approximately US$1.20 billion US dollars at a discount rate of 5%. At current spot silver and gold prices, the underground project generates approximately US$1.85 billion US dollars of net cashflow after tax over life of mine."

The sensitivity analysis shows the after-tax NPV at US$154 million with a 20% decrease in metal prices. The company stated it intends to complete development for the underground project and advance towards production.

Updated Stockwork Zone PFS Shows US$456M After-Tax NPV with 65.7% IRR

The updated Pre-Feasibility Study for the Stockwork Zone uses higher metal price assumptions than the 2024 study (US$38/oz silver and US$3,200/oz gold versus US$23/oz silver and US$1,900/oz gold). The study outlines a 10-year open-pit operation processing 40.3 million tonnes of proven and probable reserves. Processing capacity starts at 7,500 tonnes per day for years one to three, then increases to 15,000 tonnes per day from year four. Total production is estimated at 43 million payable silver equivalent ounces consisting of 9 million silver ounces and 408,000 gold ounces.

Initial capital costs are estimated at US$86.8 million, including US$9.3 million in contingency, with expansion capital of US$20.1 million in year three and sustaining capital of US$6.2 million. Operating costs are calculated at US$11.70/oz silver equivalent with all-in sustaining costs of US$14.50/oz. The study reports a payback period of 1.4 years. The mineral reserve totals 40.3 million tonnes at average grades of 0.40 grams per tonne gold and 14.9 grams per tonne silver, with 60% classified as proven.

President and CEO Glenn Jessome commented,

"This updated PFS for the Stockwork Zone and initial PEA for the underground provide the first look at the combined economics of El Tigre. At current spot silver and gold prices, the Stockwork Zone Project generates an after-tax NPV of approximately US$950 million US dollars and the underground project generates an after-tax NPV of approximately US$1.20 billion US dollars at a discount rate of 5%."

The sensitivity analysis shows the after-tax NPV at US$304 million with a 20% reduction in metal prices. The company stated it is completing detailed engineering and proceeding to build the Stockwork Zone Project.

Updated Mineral Resource Estimate Shows Grade and Tonnage Changes

The updated mineral resource estimate shows changes from the 2024 estimate due to adjusted cut-off grades, additional underground drilling, extensive relogging, and more selective modelling of high-grade veins. The out-of-pit measured and indicated resource grade increased to 543 grams per tonne silver equivalent from 255 grams per tonne in the 2024 estimate, whilst contained ounces increased by 6% to 314 million silver equivalent ounces. The in-pit measured and indicated resource increased by 25% to 190 million contained silver equivalent ounces.

The Northern Veins, located 700 metres north of the underground areas included in the PEA, contain 38 million silver equivalent ounces in measured and indicated resources. Additional inferred resources in the Northern Veins total 92 million silver equivalent ounces. A preliminary mine plan outlined in the PEA indicates a potential 2.95 million tonnes at an average grade of 343 grams per tonne silver equivalent in the Northern Veins, although specific costing and scheduling was not completed. The company plans to start a 5,000-metre Phase 1 drilling programme in the first quarter of 2026 in this area.

The Lluvia de Oro prospect is located five kilometres south of the proposed Stockwork Zone pit. Historical underground workings extend over 500 metres in length, with grab samples from a 2020 programme returning assays up to 1.90 grams per tonne gold and 1,300 grams per tonne silver. The Lluvia de Oro vein system is contained within the El Tigre Formation, which hosts the Stockwork Zone mineralisation. Preliminary mapping and sampling have begun with drilling planned for 2027.

Next Steps

The company is completing detailed engineering for the Stockwork Zone Project. The underground project has been designed as a standalone operation that can be developed independently. Both projects have an estimated 18-month construction timeline.

The company plans to commence 5,000 metres of infill drilling at the Northern Veins in the first quarter of 2026. The company owns 100% of a royalty-free, 6,238-hectare land package that encompasses the proposed mining operation footprint.

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